Center for Rural Affairs offers loan relief, emergency credit

The Center for Rural Affairs is committed to helping our local business partners cope with the economic impact of COVID-19. It’s part of our mission to build prosperous, healthy, and inclusive communities. And, it’s the right thing to do.

We’ve lent out more than $21 million to Nebraska small businesses in the history of our Rural Enterprise Assistance Project (REAP). In this period of economic uncertainty, we will offer relief to borrowers experiencing a drop in revenue due to COVID-19. We know this is a difficult time for many, and we’re committed to doing what’s right for small business owners.

We are suspending all fees for the next 90 days — For the next 90 days, we’re waiving all fees (late payment, overdraft, reschedule) for existing loans.

We are making loan deferment available to affected borrowers — Borrowers with loans in good standing who are experiencing a decline in revenue are eligible to request reduced payments or loan deferment for up to 90 days.

We are making emergency credit available — We’re implementing an Express Loan based largely on credit history and pre-COVID-19 income that offers expedited funding of up to $7,500 for new borrowers and up to $10,000 for return borrowers with strong payment histories.

We are available for coaching and consultations — Our team is available to provide coaching and resources to small business owners, although we are working remotely as much as possible.

We will continue to lend — We will continue to offer affordable small business financing of up to $150,000 for small businesses in Nebraska through our traditional loan products.